"Google Alert - asarco
Horizon Lines' empty bankruptcy threat brings US DoJ to its knees ...
Similarly, the EPA opted to take a USD 1.7bn repayment on its USD 6.5bn environmental remediation claim in Asarco's bankruptcy case. ..."
Rather than battle bondholders for more cash, the EPA agreed to take massive losses on its structurally senior claims. The Oklahoma-based company’s unsecured bondholders walked away with equity worth more than double the face value of their bond claims, while the EPA was left with a 30% recovery.
Similarly.... [the ASARCO] Arizona, US-based copper miner’s bondholders received 100% recovery on their claims, as well as accrued interest, when the company emerged from Chapter 11 in December 2009, while the sponsor, Grupo Mexico, continued to own its assets....""